Earnings Review · 29 October 2026
The print
Revenue $94.66B. EPS $3.86 vs $3.67 expected.
What changed versus going in
Earnings came in at $3.86 a share against $3.67 expected, a beat of 5% (+$0.19 a share).
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow +0.05, five-day price change +1.4%, as of 2026-10-23, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 1%, net margins near 7%, a narrow competitive moat, backed by a 11% return on equity.
Levels that matter
At $108.18 the shares sit -14% below the 52-week high of $94.90 and 65% above the low of $65.38 (145% of the way up the range). The 50-day average is $96.64, below the price. The 200-day average is $85.35, below the price.
The valuation lens
The shares trade about 28% above our fair-value estimate: priced for things to go right. Fair value lands near $78 against a $108.18 share price, a margin of safety of about -28%. The trailing multiple sits around 13 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, One or more financial figures pending. A strong business is not the same as a suitable one; for a values-conscious book this is a do-not-chase regardless of the print.
The compliant alternative
If the theme is what draws you, Oil & Natural Gas Corp (ONGC.NS) sits in the same industry (Oil & Gas Integrated) and clears our principled screen, the place to look instead of chasing a name that does not.
The verdict for a values-conscious investor
A beat-and-raise does not change the screen. This is a great company you can admire without owning, protection first. One quarter, strong or soft, does not decide whether a holding is suitable.
This is analysis, not financial advice. Always manage your risk.
